Today the market was a roller coaster.
Prior to the open, all indices were down almost 3% following a discouraging September CPI report, showing inflation up 8.2% from the same month last year.
Despite the disappointing numbers and the heavy premarket drop, after the opening, things started to take a positive turn. By the end of the day, all indices were up almost 3%!
Today's price action displayed the same pattern formation across all indices: a bullish engulfing, which is potentially indicative, of the beginning of a bullish reversal.
Now, inflation still runs high, the Feds are nuts and things are still a mess out there. So caution is still a requirement. However, there's hope. Let's see what happens next.
Watch this video to get the technicals and what to expect moving forward.
Good trading!
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